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Follow on Google News | Dr. Reddy’s Q1 FY13 Financial ResultsDr. Reddy’s Q1 FY13 Financial Results Q1 FY13 Revenues at `25.4 billion, YoY growth of 28% Q1 FY13 PAT at `3.4 billion, YoY growth of 28%
By: Dr. Reddy's Laboratories Q1 FY13 Revenues at `25.4 billion, YoY growth of 28% Q1 FY13 PAT at `3.4 billion, YoY growth of 28% Hyderabad, India, July 19th, 2012: Dr. Reddy’s Laboratories Ltd. today announced its unaudited consolidated financial results for the quarter ended June 30, 2012 under International Financial Reporting Standards (IFRS). Key Highlights o Consolidated revenues at `25.4 billion in Q1 FY13, year-on-year growth of 28%, driven by healthy growth in key markets of North America, Russia & other emerging markets in Global Generics segment. o EBITDA of `5.1 billion in Q1 FY13, 20% of revenues. o PAT of `3.4 billion in Q1 FY13, 13% of revenues & recorded YoY growth of 28%. o During the quarter, the company launched 33 new generic products, filed 18 new product registrations and filed 7 DMFs globally. All figures in millions, except EPS Dr. Reddy’s Laboratories Limited and Subsidiaries Unaudited Consolidated Income Statement Particulars Q1 FY13 Q1 FY12 ($) (`) % Revenue Cost of revenues Gross profit Operating Expenses Selling, general and administrative expenses Research and development expenses Other operating (income) / expense Results from operating activities Net finance (income) / expense Share of (profit) / loss of equity accounted investees Profit / (loss) before income tax 67 3,725 15 49 2,746 14 36 Income tax (benefit) / expense Profit / (loss) for the period Diluted EPS 0.4 19.7 0.3 15.5 28 Profit Computation: EBITDA Computation Q1 FY13 Q1 FY12 ($) PBT 67 3,725 49 2,746 Net Interest Expenses / (Income) 1 44 4 221 Depreciation 16 896 15 828 Amortization 7 400 7 405 Reported EBITDA Adjustments of exceptional items: One-time charge of Voluntary Retirement Scheme Adjusted EBITDA 91 5,065 78 4,337 PAT Computation Q1 FY13 Q1 FY12 ($) PAT 60 3,360 47 2,627 Adjustments: Voluntary retirement scheme Tax adjustment (5) Adjusted PAT 55 3,054 44 2,421 Segmental Analysis Global Generics Revenues from Global Generics segment at `19.1 billion in Q1 FY13, year-on-year growth of 32% driven by key markets of North America, Russia & other emerging markets. o Revenues from North America at `7.9 billion in Q1 FY13 grew by 27% in USD terms, over previous year. • Growth was largely driven by new product launches of clopidogrel, OTC lansoprazole and was further supported by key products of ziprasidone, fondaparinux, quetiapine, etc, marginally offset by regular year-on-year price declines in existing product basket. • 5 new products were launched during the quarter including clopidogrel 300 Mg which was launched under 180-day exclusivity. • 29 products of prescription portfolio feature among the Top 3 ranks in market shares • During the quarter, 4 ANDAs were filed. Cumulatively 73 ANDAs are pending for approval with the USFDA of which 36 are Para IVs and 6 are with FTF status. o Revenues in Russia and Other CIS markets at `4.2 billion in Q1 FY13 represented year-on-year growth of 38%. Revenues in Russia at `3.5 billion in Q1 FY13 was the highest ever from this market and represented year-on-year growth of 30% in Rouble terms. Growth was driven by new product launches, volume increase across key brands and OTC portfolio. • Revenues in Other CIS markets at `0.65 billion in Q1 FY13 grew by 22% over previous year. o Revenues in India at `3.5 billion in Q1 FY13 grew by 19% over previous year. • Growth driven by volume increase across most of our key brands. • Biosimilars portfolio grew by 15% over previous year. • 10 new brands were launched during the quarter. o Revenues from Europe at `2.2 billion in Q1 FY13 grew by 14% over previous year. • Revenues from Germany at `1.5 billion in Q1 FY13 grew by 17% in Euro terms over previous year. This growth was largely due to the products supplied under the AOK tender won last year. Pharmaceutical Services and Active Ingredients (PSAI) • Revenues from PSAI are at `5.5 billion in Q1 FY 13, year-on-year growth of 14%. • During the quarter, 7 DMFs were filed globally, with 1 each in the US and Europe. The cumulative DMF filings as of 30th June 2012 are 550. Income Statement Highlights: o Gross profit margin at 53% in Q1 FY13 remained flat versus Q1 FY12. Gross profit margin for Global Generics and PSAI business segments were at 59% and 31% respectively. o Selling, General and Administration (SG&A) expenses including amortization at `8.3 billion increased by 23% over previous year. This increase is on account of year-on-year salary increments, higher sales & marketing costs and the effect of rupee depreciation against multiple currencies. o Research & development expenses for Q1 FY13 at `1.6 billion is at 6% to sales. o Net Finance expense was at `212 million in Q1 FY13 versus `46 million in Q1 FY12. The change is on account of : • Net forex loss of `209 million in Q1 FY13 versus net forex gain of `158 million in Q1 FY12. Q1 FY13 includes a charge of `297 million due to time value of options. Adjusting the impact of this charge, net forex gain on P&L is at `88 million in Q1 FY13. • Net interest expense of `44 million in Q1 FY13 versus `221 million in Q1 FY12. This decrease in expense is largely on account of higher interest income from FD & mutual fund. • Profit on sale of investments of `41 million in Q1 FY13 versus `17 million in Q1 FY12. o EBITDA of `5.1 billion in Q1 FY13, 20% of revenues and recorded year-on-year growth of 21%. o Profit after Tax in Q1 FY13 at `3.4 billion recorded year-on-year growth of 28%. o Diluted earnings per share in Q1 FY 13 were `19.7. o Capital expenditure in Q1 FY13 was `1.9 billion. Appendix 1: Key Balance Sheet Items Particulars As on 30th Jun 12 As on 31st Mar 12 ($) (`) ($) (`) Cash and cash equivalents 384 21,353 327 18,152 Trade receivables 449 24,975 456 25,339 Inventories 370 20,580 348 19,352 Property, plant and equipment Goodwill and Other Intangible assets Loans and borrowings (current & non current) Trade payables Equity Appendix 2: FY13 Revenue Mix by Segment Q1 FY13 Q1 FY12 Growth % ($) (`) % Global Generics 343 19,066 75 260 14,424 73 32 North America Europe India Russia & Other CIS RoW PSAI 99 5,527 22 87 4,832 24 14 North America Europe India RoW Proprietary Products & Others 15 813 3 9 527 3 54 Total 457 25,406 100 356 19,783 100 28 Contact Information Investors and Financial Analysts: Kedar Upadhye at kedaru@drreddys.com or on +91-40-66834297 Saunak Savla at saunaks@drreddys.com or on +91-40-49002135 Milan Kalawadia (North America) at mkalawadia@drreddys.com or on +1-9082034931 Media: Rajan S at rajans@drreddys.com or on +91-40- 49002445 Note: All discussions in this release are based on unaudited consolidated IFRS financials. 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